CBRE’s PAIF buys Cavendish Square block

CBRE UK Property PAIF has bought 2 Cavendish Square, W1, from the Howard de Walden Estate. CBRE IM, acting for the fund, paid £64.1m for the eight-storey office building. Behind the 1930s facade is 27,000 sq ft of grade-A space, let to occupiers including HCA Healthcare. The fund’s manager, Jamie Phillips, said: “This was a compelling opportunity to acquire a high-quality freehold office building in such a strong location. The building provides an attractive income stream but also potential to create further value through a targeted asset management programme focused on ESG. “Cavendish Square is one of the most prominent and best-known garden squares in London and those strong fundamentals will only improve following the proposed redevelopment of the square, with consent in place to deliver 280,000 sq ft of new health and wellbeing amenities.” David McArthur, head of investment at the Howard de Walden Estate, added: “The disposal of 2 Cavendish Square continues the Howard de Walden Estate’s strategy to recycle capital into our core activities and, looking ahead, we remain focused on delivering high-quality accommodation across our portfolio.” CBRE Investment Management was advised by CBRE; Michael Elliott acted for the Howard de Walden Estate. View recent lettings on Cavendish Square >> To send feedback, e-mail piers.wehner@eg.co.uk or tweet @PiersWehner or @EGPropertyNews